First American and Mountain Pacific Mortgage to Increase Homeownership Opportunities in Phoenix
—Pilot Program Aims to Help Minority Homebuyers Understand, Navigate the Home Buying Process—
February 17, 2005, SANTA ANA, Calif.
The First American Corporation (NYSE: FAF) and Mountain Pacific Mortgage Company today announced the formation of a strategic alliance designed to substantially expand homeownership opportunities for families in the under-served Latino and low- to moderate-income communities of greater Phoenix. Under a pilot program, which pairs First American’s unmatched expertise in title insurance and related settlement services with Mountain Pacific’s residential lending capabilities, new homebuyers will benefit from educational resources, streamlined loan application processes and a single-price closing package that simplifies and reduces upfront home buying costs.
“This is a tremendous partnership for First American and a real opportunity to potentially help create tens of thousands of new homeowners,” said
First American and Mountain Pacific will implement the program through First American Title Insurance Company offices in Maricopa and
“First American has demonstrated its commitment to expanding homeownership opportunities and proven itself a true partner to the community groups, lenders, homebuilders and real estate professionals who likewise understand the potential of the emerging markets,” said Dan Harder, senior vice president of Mountain Pacific Mortgage Company. “Through our combined efforts, we will offer an unprecedented level of service to
The First American/Mountain Pacific alliance will operate in conjunction with The First American Corporation’s broader minority homeownership initiative, launched in October 2003 to promote home buying among African Americans, Asian Americans and Latinos. Key components of the initiative include the introduction of alternative credit-screening products, a targeted philanthropic giving program, a for-profit community investment program, an increased commitment to workforce and vendor diversity, and bundled and discounted closing services. The closing bundle is offered to eligible homebuyers in all
About Mountain Pacific Mortgage
Established in 1994, Mountain Pacific Mortgage provides residential and commercial lending services. Through its 200 employees, Mountain Pacific offers permanent residential loan services, residential and commercial construction loans and a broad range of permanent commercial loan products. Headquartered in
About First American
The First American Corporation is a Fortune 500 company that traces its history to 1889. As the nation’s largest data provider, the company supplies businesses and consumers with information resources in connection with the major economic events of people’s lives, such as getting a job; renting an apartment; buying a car, house, boat or airplane; securing a mortgage; opening or buying a business; and planning for retirement. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within six primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information, Credit Information and Screening Information. With revenues of $6.21 billion in 2003, First American has 30,000 employees in approximately 1,800 offices throughout the